Article by ForexTime
The dominant themes in the markets today were China and oil. Stock markets in China tumbled 7% today and the Chinese Yuan saw its biggest one-day weakening since the August devaluation.
USD/CNY was fixed higher than expected and risk assets sold off hard as a result.
Hong Kong’s Hang Seng market, which isn’t subject to the closure of mainland markets following another 7 per cent tumble in the CSI 300, has declined as much as 3.1 per cent to its lowest since July 2013.
In Japan, the Nikkei 225 is down 1.9 per cent, while South Korea’s Kopsi is off 1 per cent and Australia’s S&P/ASX 200 is down 1.6 per cent.
S&P 500 futures are pointing south by 1.2 per cent, after the US benchmark fell by 1.3 per cent overnight.
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
In currencies, the Australian dollar is down 0.7 per cent, a fourth straight decline, to $0.7025, a two-month low.
Meanwhile, the safe haven yen is up 0.4 per cent at 117.97 per dollar, the highest since mid-August.
Gold is up 0.8 per cent at $1,101.78 an ounce.
The ripple effects from China’s market turmoil – both equity and currency also affected oil prices. Brent crude oil has tumbled as much as 3.3 per cent to $33.09, a new low going back to 2004.
Article by ForexTime
ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com
